Why Use A Broker When Selling To An Associate

Buying-Selling A Practice, Practice, Resources

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Those who choose to sell to an associate, often do not see the need for the services of a broker. Afterall, you know each other, the associate knows the practice and the patients and more importantly, you have a good relationship so it should be easy to cross the finish line.

Owner Reluctance
While we all wish things were that simple, the reality is that selling your practice is a process. It can take a significant amount of time to prepare, organize, and to ultimately close the transaction. Owners are also reluctant to engage the services of a broker at this point because there is always the fear of paying commission, as well as the concern that the broker will over complicate things.

Regardless of whether you are selling to an associate, partner, or colleague; selling a practice is a complex activity that requires another party to coordinate the activities of the buyer and seller.

A practice broker has the expertise and training to do just that. When doing it yourself there is a higher possibility that the relationship between the two parties will be negatively impacted, because of the length of time the transaction is taking or the difficult conversations that occur during the process.

Until you experience the actual sales process, parties are unaware of the amount of information required by the buyer and their advisors. Unfortunately, many transactions fail when the buyer and/or seller try to conduct the sale of a practice without the aid of an experienced practice broker.

From the day you choose to list until the closing day, your number one priority should always be your practice and your patients. Negotiating and navigating your own sale takes time away from what you do best.

You also must be aware that things will be changing within the practice. Staff may change, prices for supplies may increase or another event could affect the day-to-day operations. These are all material changes that must be communicated to the purchaser.

A Broker Brings Order and Sometimes, Creativity
An experienced intermediary will bring organization, and even sometimes creativity to a transaction. The primary function of the broker is to get the deal closed.

An experienced broker will earn the trust of the other professionals, i.e. accountants and make sure deadlines are met and tasks are completed, and maintain communication with all the principals in the transaction.

A broker does not take the place of a lawyer, accountant, or other advisor. However, your broker can be a huge asset as the final details are being worked out. After all, the broker is familiar with the practice, the buyer, and all that led up to the sale, so they can help with final negotiations. More importantly, they can assist when two parties reach an impasse.

3 Key Points to Remember
The first is that the most important place to start the selling process is to have a formal valuation completed. Many owners really do not know the value of their practices. There are numerous factors that go into determining the value of an office. It is truly the best way to know you have been fairly paid for your years of ownership.

The second key piece of advice is to keep an open mind and trust that the broker knows what they are doing, given that this person has facilitated the sale of many practices like yours.

Finally, and perhaps most importantly, a vendor needs patience. A practice never sells overnight. Every practice is different, but with a professional guiding the process, the likelihood of success increases.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Do You Have Shelf Appeal?

Marketing, Merchandising, Resources

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Increase Capture Rate with an Intentional Frame Board
You spend time attracting patients, providing the best eye care, building relationships but without an attractive eyewear selection, your patients walk down the street and spend their money.

Your patients are checking out your eyewear collections as soon as they arrive for their eye exam and deciding if they like anything they see, and if they like what they see, they will stay and buy. If not – goodbye!

If your frame board all looks the same and if it looks the same as it did the last time they were in your office, chances are at least 50% of people are going to walk out with prescription in hand.

Shopping Journey
You can be intentional and guide the shopping journey for your patients. You have the advantage that many patients come to you for their eye exam with the intention of purchasing their eyewear. If at first glance they don’t see a frame that pops off your board that they simply must try on, they are already consciously forming their “no buy escape plan”.

They may have even formulated an “escape plan” before their appointment.

Creating uniqueness in your frame board with innovative and diverse collections that are visually exciting will encourage a greater percentage of your patients to purchase from you.

Do They Want to Buy?
This question is powerful. Are you trying to “sell” the same eyewear styles to all your patients or is your eyewear collection diverse enough to inspire most people to want to buy?

Often the frame board reflects the optometrist’s style or the optical manager’s personal style depending on who is doing the buying. Buyers like to buy (and sell) what they like. But, is this the best approach?

If all your patients like the same eyewear style that you or your frame buyer likes, then this strategy will work. The problem with this approach is that at least half of your patients are immediately eliminated as potential buyers. Ouch!

Discovering your patient’s Eyewear Style can be achieved with a client-focused discussion, specific questions, and the power of observation. This leads to an engaging and interesting conversation that resonates. They feel like, “hey, you get me!” This is like emotional oxygen and people are motivated to buy. And guess what? They will be happy to spend their money.

Having a diverse frame board is the magic to increasing your revenue per patient and levels up your selection to create an exceptional buying experience for your patients.

Diversify Your Purchases!
In the average practice, 80% of frame sales come from 20% of the frame board. It is important to analyze your frame board sales at least every six months to note what is jumping off the board, what is creating excitement and what is passed over time and again.

Create uniqueness in your choice of eyewear and then display it beautifully. Presentation is a key component and helps your patients resonate emotionally with the product.

Avoid purchasing new product that looks similar to the frames you already have in your inventory and choose to invest in a line that is noticeably different. If most of your board is black and tortoiseshell, consider adding an eyewear collection that includes brightly coloured frames. If a large percentage of your frames are traditional shapes, add eyewear styles that are more fashion forward.

Profitable Shelf Appeal!
If you are thinking, “these styles will never sell”, my advice is GIVE IT A TRY. Style your team in flattering eyewear and they will do the marketing for you.

An intentional and intriguing frame board that is noticeably distinct will help you differentiate your office from any near competitors. You can design your identity and get known as the “go-to” optometry clinic in your area for those who want beautiful eyewear and an exceptional buying experience.

Your optical gallery can be the most profitable centre in your practice. Curating an attractive frame board that captures attention and has “shelf appeal” can boost your capture rate with patients who love to buy.

WENDY BUCHANAN

Wendy Buchanan, Eyewear Image Expert is a Registered Optician, Image Consultant and Educator.  She is the creative force behind the Be Spectacular Eyewear Styling System® for Eye Care Professionals.  Wendy helps eye care practices to systematically reinvent their eyewear dispensaries to create an exceptional buying experience and increase profits.

Connect with Wendy on Instagram   https://www.instagram.com/bespectaculartraining/

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Eyewear and Eye Care Franchising – Is it for You?

Buying-Selling A Practice, Practice

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Eyecare professionals who want to start a business but are hesitant to go it alone can opt for a hybrid solution: franchising. This business model allows you to rely on a solid partner while remaining the owner of your business.

In Canada, franchises are the twelfth largest industry and employ about one in eight workers. “Franchises are found in most economic sectors, including the optical industry,” says Kenny Chan, Vice President, Content & Marketing at Canadian Franchise Association (CFA).

A number of companies, such as Pearle Vision, Specsavers, Kanda Optical and the Eyeglass Warehouse, are using a franchise structure. “It’s a good business model for an entrepreneur who wishes to start their own business, with the help of a partner,” says Chan. “They can use the intellectual property of a well-established brand and benefit from multiple services, while remaining the owner of their business.”

However, the franchisee must adhere to certain rules or standards. The franchisor will generally require that products and equipment be purchased from specific suppliers and will impose certain standards to ensure that customers receive essentially the same service at each franchise location.

Financially, the franchisee must pay a franchise fee upon signing the agreement. Other start-up costs may also be required, such as construction costs, interior design, equipment purchases and inventory. After that, the franchisee must pay annual royalties for the use of the brand and for national advertising that is provided by the franchisor. Many other royalties can be added.

In exchange, the franchisee receives a range of services, from an integrated supply chain to marketing, accounting and equipment upgrades.

Investing in the Entrepreneur

Approaches and costs can vary between franchisors. Specsavers has had great success in recent years by covering the expense of building new stores rather than having the franchisees bear the cost. This approach requires an investment of $500,000 to $700,000 per store, according to Specsavers. The per store investment by Specsavers is not a loan, but the company obviously expects to pay itself back over the years through various franchise fees. Franchisees pay only $25,000 and receive the keys to their business. In April, the company announced a $25 million investment to open 50 franchises in Alberta.

“We know it might take 10–15 years to recoup this kind of investment, but it allows us to help a promising professional start his business,” says Mike Protopsaltis, Partnerships Director at Specsavers.

Such a gamble requires careful selection of the opticians, optometrists or retailers who will go into business under the British giant’s banner. “Our selection process is very thorough, and we are really looking for professionals with the mindset of an entrepreneur, and not of an employee,” says Mike Protopsaltis. The franchisee must be a good communicator and, above all, be passionate about their work. The franchisor expects customers and associates to be treated with great care and attention.

A Hybrid Model

IRIS The Visual Group is gradually shifting its former franchise formula into a partnership approach. “Our new model is very similar to the franchise model, but the ownership of the business is shared between IRIS and the eyecare professional,” explains Dr. Daryan Angle, Vice President of Business Development. IRIS and the entrepreneur create a corporate entity and sign a shareholder agreement. IRIS can own between 51% and 95% of the ownership, while the optometrist or optician can retain between 5% and 49%.

“Rather than paying a start-up fee, the entrepreneur buys a certain amount of stock in the business, which is priced according to the value of the business,” continues Angle. If the eyecare professional wants to break the agreement, they can sell their shares under certain conditions.

The eyecare professional is granted exclusivity in a territory. They must pay an annual fee for the use of IRIS services, which includes 3% of net sales for administration and 4.5% of net sales for national marketing. The entrepreneur must also invest at least 1% of net sales in local marketing. However, the local marketing expense can be made in any way the entrepreneur deems most appropriate for their market.

“We believe this model allows the ECP to use their entrepreneurial abilities to grow their business in his market, while benefiting from a ton of services offered by IRIS,” says the vice president.

Being Careful with a Commitment

Signing a franchise agreement is a very important decision for an eyecare professional. And it’s not always easy to get out. These contracts have a specific duration and are often accompanied by non-competition clauses. If an ECP leaves the franchisor, they may not be able to practice in the same territory for a considerable period of time. It is therefore important to understand what you are getting into.

Chanel Alepin, a lawyer in franchise and business law and a partner at Alepin Gauthier, points out that you should not expect to negotiate every aspect of such a contract. “In general, franchisors propose fairly standard agreements,” she says. “If you see several things you don’t like in an agreement, it’s probably because that franchise isn’t right for you.”

She advises prospective franchisees to never sign any document without reading everything and especially without consulting a franchise law professional. This even applies to the non-disclosure agreement, which franchisors often require at the beginning of discussions. “Make sure you understand all aspects of the agreement and don’t hesitate to ask questions of the franchisor and your lawyer,” she suggests.

She also suggests researching the franchisor. Is it a well-established company or a new one? Is its intellectual property, the greatest value of a franchise, well protected? Is it involved in litigation? How does its offering compare to other franchisors (entry fees, royalties, territorial exclusivity, etc.)? A good accountant knowledgeable in franchising is a valuable asset in this regard. Optometrists and opticians should also make sure that the franchise’s business model complies with the rules of their professional order.

“Above all, these entrepreneurs must ensure that they will be able to meet the financial obligations imposed on them by the franchisor, while remaining very conservative in their projections,” concludes Ms. Alepin. “It must be a win-win relationship.”

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Fact or Fiction? A solid résumé and a personalized cover letter define the perfect candidate.

Human Resources, Talent Acquisition

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Fact or Fiction?  – A solid résumé and a personalized cover letter define the perfect candidate.

Most assuredly FICTION!

In today’s world, most candidates don’t even write their own résumés … and then factor in the embellishments or even sometimes, unfortunately, outright falsifications.

In fact, it’s hard to believe that we are still accepting these documents as the primary admission ticket into any credible organizations’ hiring pipeline. Astute interviewers will be able to recognize an applicant’s overreach, but even professional recruiters are often fooled.

The glitzy slick resume and expertly crafted resume might well make it through your selection filters, but by then, you have already wasted valuable time and energy, and perhaps even overlooked a true superstar for your team.

FACT:  There’s no real correlation between what’s in the résumé and how well people will perform or how long they will stay in your practice.  None. Nada.

In fact, relying on just a résumé to find your next superstar associate gives you about the same odds as buying a lottery ticket.

The difference is that hiring the wrong candidate will cost you a whole lot more than a $1 Powerball. It costs time and money and causes a great deal of aggravation. In fact, a bad or toxic hire will have an infectious impact on your practice – and not a good way, potentially even leading to some of your true stars to leave your practice.

All hiring managers, whether it be the practice owner or a trusted manager, need to  use the résumé as only one piece of the puzzle and screen for things that are actual predictors of retention and productivity.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer. The good news is that there are better ways.  Many of Canada’s leading eye care employers deploy sophisticated algorithms in their screening process to stack the odds in favour of getting that star candidate.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.  Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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Tackling Debt from Student Loans to Credit Card

Finance|Wealth, NextGenOD, Perspectives, Resources

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I’m not sure why, but for some reason we love using football analogies in financial speak. I quarterback, you receive, and we tackle.

As we move into the summer, we are more jubilant and with that, we can have a tendency to overspend and forget about our financial plan.

To refocus, remember that your financial plan is really about what you want to achieve. So despite the lure to buy things that media is so great at convincing us we need, take a step back and ask yourself, “Does this purchase meet my cash flow and/or financial plan?”. (Wait, if you don’t have one, skip to the end and call me! Let’s get you working on building your wealth!)

The vast majority of young professionals have started their adult careers with a significant amount of debt, stemming largely from student loans. You may have also been dazzled by the glitter of a new car, a downtown condo, and in my case, a very expensive winter coat for our return to Winterpeg.

All of this can lead to an amount of debt that weighs you down and feels insurmountable.

Living the Good Life
You have worked hard to get where you are. You’re a doctor and with that often comes the expectation to live a lifestyle well beyond your current means. After sacrificing for years, you are now making money and want to enjoy it.

Absolutely! However, will a lifestyle of the rich and famous actually lead you to be rich and famous or will it lead you to a lifetime of debt?

If you could wave a magic wand and make your money do anything for you in the next 6-18 months, what would it do?

Are you taking the necessary steps to make this happen? Are you setting yourself up for success or will you always be chasing that next intermittent “high” from purchases? If you set yourself up properly and take action now, your magic wand doesn’t need to be magical.

Two Methods for Tackling Debt
There are two common methods for tackling debt – you know, take it down! Both methods focus on the getting rid of your debt in a time effective manner. When you gather all your debt information, you will want to review:

  1. Who do you owe?
  2. How much do you owe them?
  3. What is the interest rate?
  4. Are there any special terms on repayment, like 6 months interest free?
  5. What are the minimum payments?

Debt Snowball
The snowball method uses the concept of starting with a small pack of snow and essentially rolling it around your yard until you make a giant snow boulder. You start small, but as you keep going, you pick up momentum and before you know it, you have tackled a lot of that debt!

In this method, you pay off your smallest debt first – just get rid of it! Then move on to the next smallest. By decreasing the number of debts on your plate, you build significant positive emotions and reinforce your behaviour. You can see real progress.

Remember, you should also be making the minimum payments on all your debts while you are lump sum reducing the smallest. And as you remove the smaller debt minimum payments, you now have even more lump sum money to throw at the larger payments.

And voila – you have won the snowball fight (and waved that magic wand).

Debt Avalanche
The debt avalanche uses a slightly different approach. Just like in the debt snowball you will continue to make your minimum monthly payments on all your debts. However, here you will focus on your debt with the highest interest rate first for your lump sum additional debt repayments. The idea is to make your debt come quickly crashing down.

Which is Better
Depending on who you ask you will get a different answer and generally speaking, the approach that works better for you depends on….YOU!

If you’re someone who frets about interest, then use the debt avalanche. If you’re someone that gets easily off track, then use the debt snowball.

Positive reinforcement is a powerful thing and should never be underestimated, even if it means you’ll pay a few dollars more in interest. And, if you are someone whose highest debt is 100% consumer credit card debt – you do need to ask yourself why your credit card is racked up in the first place.

High Interest Credit Card Debt
Understanding why you overspend on consumer goods is critical to truly tackling debt. There is really no benefit to paying off your highest debt credit card first if you are just going to run it back up again. This type of behaviour is not only counter-productive, but it’s also morally deflating.

Debt is Bad
Understanding that debt is bad and ultimately steals from your future is step one to getting on the field. Having the self-discipline to get rid of debt is a life skill worth developing.

Even if your extra lump sum payments are only $20 this month, put it towards your debt and then celebrate with a beverage from your fridge – one you have already paid for! Every dollar paying down your debt will get you closer to financial freedom.

That being said, there is such a thing as good debt and best debt.

Good Debt Best Debt
Not all debt is bad. Consumer debt is horrible. Good debt actually allows you to build your wealth. Buying a home is good debt. But beware, even good debt needs to fit within you cash flow. It’s good only if you are paying it down and have a plan to eliminate it.

Best Debt is debt that not only builds your wealth, but where the interest is tax deductible. In many cases this does include your student debt. It can also include the purchase of a business. Using debt to build your wealth is a much bigger conversation and should be done as part of your financial planning.

Advisory
Circle back to your plan and take an honest look at why your debt exists in the first place. Then make a true commitment to yourself. Growing wealth is really as simple as that.

As your Chief Financial Officer, I’m here to help you understand your money and assist you in making smart decisions about your wealth.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we do. Call (780-261-3098) or email (Roxanne@claritywealthadvisory.ca) today to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission Empowering You & Your Wealth.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

 

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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Next Generation ODs Supported by FYidoctors Future Vision Leaders Program

Finance|Wealth, NextGenOD, Perspectives, Resources, Sponsors

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FYidoctors announced the launch of  their “Future Vision Leaders Program”, which will provide up to $100,000 in forgivable, individual loans, to support the next generation of Canadian Optometrists. This new initiative is design to help both new and recent optometry graduates.

This new program comes at a time when efforts to recruit young optometric professionals, particularly in ex-urban and rural areas, have been amplified by virtually all players in the market, including corporate and independent optometry organizations and individual independent practices.

Up to $100K – Selective and Forgivable
“FYidoctors was founded on doctors defining what eye care looks like—both now and in the future,” says company Chair and CEO Dr. Alan Ulsifer. “This includes the vision to bring the highest level of eye care to all regions of Canada, with special appreciation and presence in rural and under-serviced areas. Eyecare and vision is too important to the quality of one’s life to be limited in availability. We are excited about the Future Vision Leaders program to help us fill these important public needs while giving the next generation of optometrists rewarding opportunities.”

FYidoctors will assess applicants on an ad hoc basis and selectively offer 100% forgivable loans of up to $100,000 for new graduates as well as those who have graduated within the last several years. Successful applicants who enter the program will be partnered with clinics in either urban, rural or remote regions, with the aim of bolstering the future of the industry while giving Canadians in those regions better all-around access to eye care.

Apart from the forgivable loan, graduates who enter the program will also receive competitive base rate compensation, optical benefits and access to world-class innovation, leadership and development opportunities, according to the company.

Additionally, individuals could be eligible for guaranteed minimum pay and moving expenses.  “I was a young optometrist when we founded FYidoctors in 2008,” says Dr. Michael Naugle, FYidoctors’ Vice President, Optometric Partnerships, “and I have benefited from our OD-owned and controlled model that allows us to practice to the highest level of care due to our emphasis on technology and advanced eye care. As the largest collegial ownership model, we are always looking for the best optometric talent. This one-of-a-kind program helps serve our collective goals in a way that everyone—especially the health care industry—wins. We are excited for its launch and to congratulate our first cohort of Future Vision Leaders.”

Young ODs wanting more information on the Future Vision Leaders Program are invited to email the company at: Optometryleaders@fyidoctors.com for more details and to initiate a discussion with a program advisor.

 

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Why You Should Avoid the Do-It-Yourself Trap When Selling Your Practice

Buying-Selling A Practice, Practice, Resources

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Recently I have met with a number of vendors who tried selling their clinics privately.  These were not good experiences for a multitude of reasons.

The number one reason people do this is to not only save commission but more importantly to try and keep the sale quiet.  There is a definite fear that going to the market will mean EVERYONE will discover that your practice is for sale.

Ultimately, owners want to sell to the right buyer, a person who will treat their staff and patients well.  In general, most buyers also want a smooth transition.  After all, they have purchased your practice and want to ensure it succeeds.

However, when you open your practice to one or a selected group of potential buyers, there are risks associated.  Some potential buyers can be quite crafty particularly when they start poking around your office.  Most will often conduct the first bit of research before you even know he/she is interested in buying your practice. He/she may pose as a new patient calling for an appointment, visit your website or even come into your office to get a feel for things.  This may cause staff to wonder if the clinic is for sale.

Without an experienced broker, you expose yourself and your practice to various pitfalls of a private buyer.

  • Due diligence is a stressful time – to put it crudely, it is “the owner’s proctology exam”. Unfortunately, if you manage this process yourself, you will quickly find out what it feels like when a stranger pokes, prods, and looks inside every inch of your practice. You are asked to produce many documents and then, you need to answer questions as to your reasons for doing business the way you do.
  • Using an advisor who is not familiar with the industry can also negatively impact your sale and stigmatize your practice. There are many times where our appraisal is used in a private sale.  Buyers then call us to clarify certain points because the person representing the owner is not providing correct answers.  I am definitely not insinuating that the individual is intentionally misleading but the reality is if you do not know the market by default, you will lose a potentially good purchaser.
  • It is never good to have one person representing both the vendor and the buyer. Relationships are extremely important.  However, when the party who is introducing you to the buyer will continue to have a relationship with that buyer post sale, it is natural that the advisor may push a little harder for the buyer’s interests.  This is exactly why we choose to represent vendors only.  We believe you need someone in your corner fighting for you.

Selling a practice is not as straight forward as owners think.  With the guidance of an experienced business broker, you will be challenged to take nothing for granted and look at the value of your clinic from a variety of angles, some of which may not be top of mind for you.

To ensure you receive the best possible outcome, you must ensure that when you sell, the practice is positioned in the best possible light and that the terms, which are important to you, are negotiated properly.

I always tell owners not to let what may be the biggest transaction of your life turn into something you think will be “obvious” to a new owner based on a quiet and private sale.  You deserve to maximize your sale, exit ownership with dignity and to have no regrets.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Episode 28: Delivering Dry Eye Clinical Excellence Through “Channel-Protected” Products

Eyes Wide Open, Podcasts

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Dr. Trevor Miranda describes his multi-practice location on Vancouver Island with UW ’95 classmate, Eyes Wide Open host, Dr. Glen Chiasson. In particular, Dr. Miranda stresses the importance of having great products that are “Channel-protected” for optometry in building a Dry Eye Sub-specialty

About the Guest

Dr. Trevor Miranda graduated from the University of Waterloo in 1995. He is a private practice optometrist and partner at Cowichan Eyecare, five full-scope optometric practices on Vancouver Island which offer Dry Eye, Low Vision, Myopia Management and Vision Therapy specialties. Trevor is a past CEO of Eye Recommend and founder of Sunglass Cove. He is a co-founder of MyDryEye and the Dry Eye Summit; he is dedicated to dry eye treatment and has co-launched My Dry Eye, a Canada-wide network of optometrists who have a special interest in treating dry eye. In his spare time, Trevor enjoys playing hockey, soccer and golf, and being a Rotarian.

Episode Notes

Dr. Trevor Miranda describes his five-location practice (Cowhican Eyecare) with nine eye docs on Vancouver Island.  He discusses how sub-specialities including vision therapy, myopia management and dry eye have been incorporated into the DNA of their independent practice. Two locations have dedicated dry eye clinics.

Dr. Miranda reveals the clinical approaches and practice protocol the group has deployed in order to generate a significant revenue stream from dry eye. He also delves into importance of team culture and staff training in delivering clinical excellence and practice efficiency.

Dr. Miranda stresses the importance of the dry eye technicians in their practice. This allows him to run a full state of primary eye exams while the practice delivers clinical excellence in dry eye.

Omni-channel e-commerce and custom communications plays a very important role in the practice.  Dr. Miranda advocates Optometry channel-protected products like the new preservative-free eye drop entrant into the Canadian market, Dry Eye Relief products (Aequus Eye Care). Aequus is supporting optometry with excellent and well trained representatives, a fact that Dr. Miranda appreciates.

Resources

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.

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Fact or Fiction? I Can Only Afford to Hire for Experience

Human Resources, Talent Acquisition

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Hiring Fact or Fiction – I can only afford to hire people who have experience.

The fact is that is most organizations find themselves hiring for experience and then firing for fit.

Associates are more often than not brought into an organization because they have the right blend of education, credentials, and work experience on paper.

They may even be a qualified Optician or and Optometric Assistant or have experience as a frame stylist in a practice or optical.

Many of these hires ultimately move on because they don’t jive with their coworkers, your clients or the practice owners and they just don’t fit the practice culture that you have been working hard to create.

FACT:  Save time, effort, and resources. Decrease staff churn. Hire for fit.

It is far better to find people who fit. People who can work productively with your people and can learn what they need to know quickly.

Most often the reason for short circuiting what might seem like the obvious is the practice does not have a training plan and process in place or doesn’t have the time (or the skills) to train the person for a particular job.

Particularly in this swirly job market, hire for fit, then teach them what they need to learn. Only hiring for experience can lead to an endless churn of staff, which in the long-run, costs you more and can be disruptive to the practice and to the great employees you already have.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer. An eye care practice is not an exception.

I can only afford to hire people who have experience: FICTION. 

This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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Luxottica Ties up Accessory Supplier Adding to Vertical Integration

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Luxottica Group has moved forward to acquire the majority shares (90.9%) of Milan-based accessory supplier FEDON thus  taking another step forward in EssilorLuxottica’s vertical integration strategy.

While not considerably known or active in Canada, FEDON is a major player in the global eyewear cases and packaging market.

Sources indicate that the move, while not large in the total scope of EssilorLuxottica’s business, does secure their supply chain for eyewear accessories amidst growing luxury competitors, LVMH and KERING and overall consolidation in the frames sector.

The move also provides volume that can be leverages to scale-up for automation and cost reduction.

The company cites, “cutting-edge technologies and dedicated innovations (to) better fit the eyewear and spectacles with the cases and packaging to ensure maximum protection and integrity of the product.”

According to thier statement, EssilorLuxottica will also leverage the acquisition to pursue its sustainability strategy, investing in the recyclability and circularity of the packaging materials produced by the Company.

It is expected that the transaction will close by the end of June 2022.

Click HERE for the full press release.

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